The United States dominates the installation of cryptocurrency ATMs and the BTC hash rate worldwide.
With China out of contention, the United States has become the largest contributor to the BTC hash rate, accounting for 37.84% of total mining power as of January 2022.
Despite the numerous state and federal regulatory obstacles faced by cryptocurrency businesses in the region, the United States plays an important role in preserving the Bitcoin (BTC) and cryptocurrency ecosystem. With China’s exit from the scene following the cryptocurrency ban, the United States maintains the top spot in terms of hash rate contribution and ATM installation worldwide.
Prior to the crackdown on BTC mining, China historically accounted for over 50% of the total hash rate as of February 2021. With China out of contention, the United States has taken up the slack to become the largest contributor to the mining. hash rate of BTC , contributing 37.84% of the total mining power in January 2022.
Distribution of Bitcoin mining hash rate from September 2019 to January 2022, by country. Source: Estatista
As shown in the chart above, Chinese mining companies resumed operations in September 2021. However, US miners continued to dominate the space while increasing their hash rate contribution month by month.
Distribution of cryptocurrency ATMs by continents and countries. Source: CoinATMRadar
In addition, the US is home to the largest number of ATM installations, accounting for nearly 88% of total cryptocurrency ATM installations worldwide. More than 90% of all cryptocurrency ATMs installed in recent months are in the United States. Coin ATM Radar data confirms that the trend continues in July, with 641 of the 710 cryptocurrency ATMs installed in the United States in the first 10 days of the month.
Further strengthening North America’s position in the cryptocurrency ecosystem, Canada boasts the second largest network of cryptocurrency ATMs after the United States. Outside of the Americas, Spain is home to the largest number of cryptocurrency ATMs, 210 or 0.5% of total active ATMs.
The confluence of the global chip shortage and the coronavirus pandemic has momentarily pushed up prices for the most important part of a mining platform: the graphics processing unit (GPU). However, with prices falling below the manufacturer’s recommended retail price and a hash rate to supplement the drop, miners found themselves with a window of opportunity to acquire the mining equipment of their dreams.
In May alone, GPU prices fell by more than 15% on average, forcing secondary market sellers to reduce their exorbitant prices on used mining equipment.